Aquiline Closes Final Tranche of $10,620,000 Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2008) -

Aquiline Resources Inc. (TSX:AQI) ("Aquiline" or the "Company") is pleased to announce the final closing of its non-brokered private placement financing (the "Private Placement") originally announced by press release on October 9, 2008.

The offering was oversubscribed and raised gross proceeds of $10.62 million.

A total of 5.31 million units (the "Units") of the Company were issued in the Private Placement at a price of $2.00 per Unit.

The Units were issued in two tranches, with 3.695 million Units issued in the first tranche closed on October 22, 2008 and 1.615 million Units issued in the second and final tranche closed today. Each Unit is comprised of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable into one common share in the capital of the Company at any time on or before the date that is three years after the applicable closing date in the Private Placement at an exercise price of $2.50 per share.

The issued and outstanding shares of the Company after the second tranche closing are 67,946,227 common shares.

The second tranche closing allowed the Company's existing investor (see press release dated May 7, 2008) to participate, with an order of 1.5 million Units and will own approximately 3.3 million shares and 3.3 million warrants of the Company post-transaction.

Marc Henderson, President and CEO commented "We are pleased to close this financing, and have taken steps to ensure we deploy the capital for maximum effect in the current challenging market environment. We reduced our drill rigs from four to one in October, but still aim to complete up to 3,000 metres per month between the infill program at Loma de La Plata and follow up of the new discoveries including the high grade Valle Esperanza zone. A new resource estimate is scheduled for delivery in Q1 2009 to be based on drill results at a cut-off date of December 18, 2008. We also plan to continue metallurgical work on zones outside Loma de La Plata, as positive results could materially increase proposed mine throughput. Finally, we are exploring options to monetize or partially monetize our gold division, thereby reducing our dependence on equity market financing."

All securities issued in the Private Placement are subject to a four months hold period in Canada, expiring on February 23, 2009 with respect to 3.695 million Units issued in the first tranche and expiring on March 6, 2009 with respect to 1.615 million Units issued in the second and final tranche.

All currency references are in Canadian dollars.

This news release is not for distribution to United States newswire services or for dissemination in the United States. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

ABOUT AQUILINE

Aquiline Resources Inc. is an exploration and development company advancing one of the world's largest undeveloped silver deposits (Navidad), as well as a gold/silver deposit (Calcatreu), both in Argentina, and a gold deposit in Peru (Pico Machay).